ValueWise CEO Sentenced To 144 Months In Prison For $100 Million Fraud

ALBANY, NY – Michael T. Mann, age 51, was sentenced this week to 144 months in prison for running a complex scheme that caused more than $100 million in losses to banks, financing companies, and other businesses, and also involved his misappropriation of millions of dollars entrusted to payroll companies that he owned.

Mann operated ValueWise Corporation, based in Clifton Park, New York, as well as subsidiary companies including MyPayrollHR.com LLC. He admitted that from 2013 to September 2019, he engaged in a fraudulent scheme to deceive banks and financing companies into loaning his companies tens of millions of dollars. Because Mann could not repay the loans with legitimate business revenues, he expanded the fraud, by stealing and diverting millions of dollars that were entrusted to his payroll companies, and engaging in the daily kiting of millions of dollars among bank accounts he controlled.

Mann’s scheme collapsed in late August and early September 2019, when one of his banks froze his accounts, setting off a chain of events that left his payroll companies unable to process payroll and tax payments for hundreds of small business customers nationwide.

On August 12, 2020, Mann pled guilty to one count of conspiracy to commit wire fraud, one count of aggravated identity theft, nine counts of bank fraud, and one count of filing a false tax return.

Read more: https://americandailyindependent.com/2021/08/06/valuewise-ceo-sentenced-to-144-months-in-prison-for-100-million-fraud/